Profire Energy, Inc. (Nasdaq: PFIE) announced a significant leadership change effective July 2, 2020. Brenton W. Hatch transitions from CEO to Executive Chairman, while Ryan W. Oviatt and Cameron M. Tidball are appointed Co-CEOs and Co-Presidents. Hatch, who co-founded Profire in 2002, will support the new leaders for a year before becoming a Special Advisor. Both Oviatt and Tidball express confidence in their ability to uphold the company’s growth and shareholder value. This transition aims to bring fresh perspectives while maintaining continuity in leadership.
Profire Energy, Inc. (NASDAQ: PFIE) reported first-quarter results for 2020, revealing a 31% revenue decline year-over-year to $7.4 million. The company experienced a net loss of $365,000 or ($0.01) per share, compared to a net income of $1.7 million in Q1 2019. Gross profit dropped 45% to $3.2 million, resulting in a gross margin of 42.5%. Operating expenses increased by 6% to $3.8 million. Cash and liquid investments remain at $17.9 million, maintaining a debt-free status amidst challenging market conditions due to COVID-19.
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